An open-ended lease contract under which a Lessee acquires the use of specific property and can add more equipment periodically. Removes the process of signing new leases as additional equipment is leased.
A lease containing boilerplate provisions that allows a lessee to obtain additional leased equipment under the same basic lease terms and conditions as originally agreed to, without having to renegotiate and execute a new lease contract with the lessor. The actual lease rate for a specific piece of equipment generally will be set upon equipment delivery to the lessee.
An agreement under which the owner of the equipment (the "lessor") conveys to the user (the "lessee") the right to use the equipment in return for a number of specified payments over an agreed period of time.
An agreement which allows you to lease currently needed assets and to lease assets in the future over a fixed period of time under the same basic terms and conditions without negotiating a new contract.
Continuing lease agreement which provides for property becoming subject to their terms of a single lease over a period of time. Schedules are added to reflect property becoming subject to the terms of the master lease.
A lease line of credit that allows a lessee to obtain additional leased equipment under the same basic lease terms and conditions originally agreed to, without having to renegotiate and execute a new lease contract with the lessor. Each new piece of equipment is listed on a separate schedule, and the specific pricing, terms, and conditions for that schedule are dependent upon the policies of the lessor, the terms and conditions of the Master Lease, and the cost of the equipment.
A primary lease that controls subsequent leases and which may cover more property than subsequent leases. An Executive Suite operation is a good example in that a primary lease is signed with the landlord and then individual offices within the leased premises are leased to other individuals or companies.
One lease (and one credit approval) for several pieces of equipment purchased at different times from one or more vendors. Once you have been approved First Capital only requires brief addendums and equipment schedules for each new batch of equipment.
An open-ended type Lease Agreement under which a Lessee obtains the use of property, and can add additional equipment periodically at rates to be negotiated through the use of "Schedules" under the basic terms of the original Agreement. Eliminates signing new leases as additional equipment is leased.
A continuing lease arrangement whereby additional equipment can be added from time to time merely by describing that equipment in a new lease schedule executed by the parties. The original lease contract terms and conditions apply to all subsequent schedules. To be contrasted with a lease contract for a single transaction involving a specific unit of equipment, a Master Lease is essentially a line of credit to draw from over time in order to purchase equipment.
Master lease is one form of a short-term lease of the container from those leasing companies who have master lease agreement with OOCLL. At present, Triton, ICS, Xtra, Cronons and Genstar has such a contract with OOCLL.
The most convenient way for customers to purchase several pieces of equipment with different delivery dates or from more than one vendor. It provides the flexibility to pay a vendor for their equipment upon delivery and acceptance without having to wait for other vendor(s). Since rates are often based on the amount borrowed, this will also allow for a lower rate. There is one credit approval with one master lease agreement. Each take down will have a separate schedule and you only make payments on the equipment that is delivered.
A binding lease agreement comprised of two parts: (1) a document that sets forth the general terms and conditions applicable to all subsequent leases and lines of credit between the parties executed pursuant to such master lease and (2) one or more schedules in which various leased property is added in installments over time, with each installment being subject to the same general terms and conditions as the other installments, except as to those terms specifically addressed in the schedule (i.e. lease term, periodic payment amounts, frequency of payment, payment location, etc.).
The primary document between the lessor and lessee containing all the general terms and conditions for leasing. Individual leases can then be relatively short and incorporate the master lease by reference. It is a very convenient administrative document so that once agreed, legal terms and conditions never need to be negotiated again.